Trafigura Launches Volare Shipping with 14 Supertankers, Eyes Oslo Listing
Trafigura's Strategic Expansion in Oil Shipping
By Jonathan Saul and Enes Tunagur
Launch of Volare Shipping and Planned Oslo Listing
LONDON, Sept 21 (Reuters) - Trading house Trafigura said on Monday it had launched Volare Shipping, which would own and operate 14 supertankers, adding that it plans to sell shares in the business before listing it on the Norwegian stock exchange next month.
Market Conditions Driving the Move
Supply disruption resulting from the Iran war and the Ukraine conflict has sent oil tanker rates to record highs, prompting some oil and shipping firms to seek larger fleets of very large crude carriers (VLCCs) and smaller vessels such as Suezmaxes.
Details of the Volare Share Sale and Listing
Trafigura said it plans to sell Volare shares in a private placement to raise $500 million and then aims to list them on Norway's Euronext Growth Oslo exchange on or about October 5, pending a successful share sale and approval from the exchange, according to the statement.
Deployment Strategy for Volare's Fleet
"The aim is to maximise earnings of these vessels, so they will be deployed accordingly, whether internal or external cargoes, although the majority of our VLCCs historically have been deployed on third party business," said Trafigura head of shipping Andrea Olivi.
Shift from Chartering to Ownership
Trading houses such as Trafigura historically chartered tankers from independent shipowners to carry oil, which leaves them exposed to higher freight rates in the market.
Volare's Fleet and Future Growth
Volare operates six VLCCs and it has eight newbuild VLCCs on order for delivery between 2026 and 2028, Trafigura said.
Potential Expansion into Other Segments
Volare could look to grow into other segments, said Olivi, adding that they may add smaller vessels to their fleet.
Funding and Trading Details
"The contemplated private placement will fully fund our current newbuilding programme," said Volare CEO Alexandre Duff.
Volare will trade under the ticker VLCC in Norway's Euronext Growth Oslo exchange, the company said.
Trafigura's Position in the Global Oil Trade
Trafigura, which is among the largest oil traders in the world, said it manages around 500 vessels across multiple segments including approximately 250 oil tankers.
(Reporting by Jonathan Saul and Enes Tunagur in London; Editing by Alexander Smith and Louise Heavens)
